MBM On High Gear

It aims to be one of the leading automotive groups and double its turnover to RM2bil

It was a day Looi Kok Loon remembers vividly. May 21, 2010 might just be another date in most people’s calendar but for the group managing director of MBM Resources Bhd, that’s the point when the company realised business as usual spells trouble.

The cracks in its business model were appearing although some might not see the problem for a company to sit back a collect its dividend cheque from 20% associate Perodua.

The national car company was on the upswing, clawing market share from Proton Holdings Bhd, and in the process returning a more than decent return to the shareholders of MBM.

Revenue for the previous few years was stable between RM1.1bil and RM1.2bil but the first warning sign appeared in during its financial year 2009 when profit dipped to RM66.5mil from RM117.1mil a year earlier. Its steel wheel manufacturing business was losing market share and MBM’s own network of selling Perodua cars was not getting more share despite being the single largest chain of dealers.

“We had reached the peak potential for the company without changing our course,” says Looi as he spoke to StarBizWeek about the thinking behind the change MBM resources has gone through.

Looking at his files, Looi saw the grim picture of standing pat. He saw the company “running on the spot” and realised it was a losing battle if nothing was done.

“It was not a picture I will like to talk too much about. By gathering everyone together and by visualising, the team realised it was a losing battle. That was a time when we put our heads together and decided what to do.”

Plan of Action

The brains of MBM coddled together and drew up its plan of action called “3290.” It was bold as they wanted the company’s revenue to reach RM2bil in three years. Essentially a doubling of what they were doing and it was no easy feat for such a short period of time.

To reach that goal, MBM need to shake things up within the company.

Over the next two years, MBM increased its stake in Federal Auto, it first bought in 2004, from 70% to 100%. Federal Auto was powerful franchise as it has been in the market for over 50 years and Looi knew not much was being done to maximise the value of the company. It could do more than sell a single brand.

“It has fantastic land bank here near Mid Valley and in Johor Baru where we have a big piece of land of 3 acres or 4 acres in a good location in Ipoh and Penang,” he says.

“All these are fantastic properties where we utilised only half of it and the rest is left empty.”

MBM needed to take full control of Federal Auto and that happened last year. It then secured dealerships for Volkswagen AG and Mitsubishi and parked them under the Federal Auto franchise, turning the old company into a multi-brand distributor.

“We capitalised on the name and location and the new dealerships gave us a big push,” he says.

Federal Auto which had a turnover of RM168mil back in 2009 saw revenue surge to almost RM600mil in 2011.

MBM sold off WSA Capital, a manufacturer of interior parts for cars like roof linings and carpets, and replaced it by taking over Hirotako Holdings Bhd, a maker of airbags and seat belts.

Its existing business of selling trucks through Daihatsu was showing signs of exhaustion. It was controlling half the light truck market at that time, selling 5,000 vehicles a year, and had a large share of that market for the past dozen years.

But there was limited upside in pushing its share any further.

“So we went on to get the Hino dealership in 2010. Hino, a strong brand in Japan, does light, medium, heavy duty trucks and buses. We have the network and why not use experience that we have,” says Looi.

The limitation of the light truck market was unshackled and he says that the new distributorship agreement opened up the potential of selling additional products using the assets that group had.

Oriental Metal Industries (M) Sdn Bhd (OMI) was making steel wheels. The market for such wheels and hub caps was at one time 65% of all automobiles but the more modern and lighter alloy wheels were chipping away at the old business. Soon, metal wheels found its market share at 50% of the market and falling.

Looi says there was no way for the company to fight the tide despite having Central Motor Wheels of Japan, which was a subsidiary of Toyota. as its partner and decided to utilise the expertise its partner had.

It invested RM103mil for a new alloy wheel production facility in January. Construction is going to start and commissioning of plant should take place at the end of the year.

“It’s natural to move from steel wheels to alloy. That’s unleashing the potential of the business,” says Looi.

The company was making money from its 20% share of Perodua but found that its own network of selling Perodua cars was not gaining ground. DMM Sales Sdn Bhd, which operates 17 dealerships and 12 workshops under Perodua, saw its share of sales stagnate at around 7% to 8% for years and wanted to up that to 10%.

“We looked at Perodua. This is a company that is increasing its share of total industry volume and now we are targeting 10% of a growing pie. We relooked at the way we did our Perodua dealership and reorganised and invested in the business.

Last year, DMM’s share of Perodua sales reached 9.5%.

“From 8% to 9.5% in a volume game, that means a very significant numbers for us.”

Another angle the group is going for its the tuning market. It has secured the exclusive distributorships of Heico and ABT.

Looi says it’s not big business but the margins are higher.

“They are not big numbers but in overseas markets, we analysed that 10% to 15% of buyers don’t mind spending extra. This can vary from RM20,000 to RM40,000 in addition to the selling price of the car and up to something like 10% of the price of the car.

He says that its not only about selling a whole experience spectrum of car ownership but also about creating a younger appeal to its customers.

Life after 3290

Assuming the auto market does not tank, MBM feels it should reach its target of RM2bil by the end of its current financial year ending Dec 31, 2012. Last year’s revenue was RM1.75bil and what the group was heartened about was that despite sluggish conditions in the last quarter of 2011, its vehicle sales were up 18.8% compared with a 2.25% decline for the industry. For the year, MBM vehicle sales were 1.7% higher compared with a 0.9% decline for the industry.

Newly added dealerships such as VW and Mitsubishi have contributed greatly and plans for 2012 include VW dealerships in Alor Star and Johor Baru.

Combined, MBM thinks those two outlets will sell around 120 cars a month and bring in revenue of RM200mil a year.

“With the investments we put in, we want a much bigger presence for the VW brand. We want to be part of the nationwide expansion for the VW brand,” says Looi.

Being part of Vision 3290 but not yet executed was its plan for an assembly plant.

MBM got the licence for establishing a plant when it bought Kinabalu Motor Assembly in 2010. Talks are underway to find the partner in which MBM will assemble vehicles in the country for but talks are still preliminary.

“I felt the group has the appetite to be a complete automotive company. The brands that we pursue, I must offer solutions for them.

“To do that, there must be an ambition to hit certain numbers. It only makes sense for the cars to be assembled in Malaysia.

“That is the reason we secured what we did and based on our business model, this partnership should allow us to do that by having the selling experience and the assets that we have.

“This partnership should allow this brand to be first successful in the domestic market, with the idea of going regional eventually,” Looi explains.

Securing a manufacturing licence would also allow MBM to wean its reliance on Perodua and capture a market beyond Malaysia.

“The market is already open. The Malaysian market has a certain size and we should capitalise as barriers come down. People always talk about opening up the market and they get worried. The opening up of our market opens other markets as well. Its about looking outwards,” he says.

Having an assembly plant will also give the company an additional aspect, where it is able to tap the offshoots within the company. That will see the assembly business tap on its component business and branches and that will be able to bring more consistent revenue streams to the group.

Expansion expenditure

MBM has for long been seen as a steady dividend churner for its shareholders but they too have been kept in the loop about the need for the company to conserve cash and go for an expansion drive in order to protect the business of the group.

Not all will be happy but Looi says the communication channels have been kept open and the latest announced round of capital raising, which includes bonus shares and free warrants, in a way gives something back to shareholders instead of just taking money from them.

The rights issue planned where MBM aims to raise RM315mil is the first time the company has asked shareholders for money.

“I have tried to manage expectations by making presentations to shareholders where I made it clear that the dividend income cannot sustain if we do not expand our business. If we do not spend, the dividend income cannot be sustained,” he says.

The money will be used for acquisitions and to build up the capital base of the company. Looi feels that once fresh injection of cash is made to build up a business, individual operating companies should then on be able to generate revenue and income on their own steam without coming back to the parent for more cash.

Expansion will also see the group bump up its capital expenditure. From 2001 to 2005, the group spent RM38.4mil in capex and that increased to RM105.4mil between 2006 and 2010. But inline with Vision 3290, MBM has planned capex of RM250mil, of which RM27mil was spent last year.

All those changes also means that MBM Resources is looking at operating cashflows more than receiving dividend incomes like what it relied on heavily in the past.

Based on financial year 2009, associate companies accounted for nearly 56% of earnings but Looi estimates that by end-2012, contributions from associates will fall to 46.3%. Manufacturing will account for 36.2% of earnings and motor trading 17.4%.

“Moving forward, that should be the strategy for us, where we try to invest in businesses which we can consolidate fully. But at the moment, we are not actively looking for acquisitions. In the immediate term, we are trying to digest Hirotako,” he says.

The pain of expansion will come from depreciation and extra expenses, but Looi feels those are neccesssary growing pains the company has to endure.

It wants to by 2015, become one of the leading automotive groups. By then, the company will be well underway in its next phase of its growth plan by focusing on profitability after looking to grow revenue. Its plans are ambitious but at the moment, the market is liking what it is seeing.

And Looi will probably feels that when the company’s multi-storey new headquarters opens in 2015 where the old Federal Auto showroom along the Federal Highway used to be, MBM would be able to reflect its new identity the way the new building will signify.


  • Diploma in Civil Engineering, University Technology MARA, Shah Alam
  • Degree in Civil Engineering, University Technology MARA, Shah Alam
  • Executive Diploma in Business Administration, University of Central Lancashire, United Kingdom.

Working Experience / Other Directorships


  • Group Advisor, PNA Technologies Sdn Bhd
  • Group Advisor, Syarikat Metal Industries of Malaysia Sdn Bhd


  • Group Advisor New Business Development of Ingress Corporation Berhad
  • President & Chief Executive Officer of Perusahaan Otomobil Kedua Sdn Bhd (Perodua) from 2013 to 2018
  • Managing Director of Perodua from 2009 to 2012
  • Executive Director of Strategic Marketing Group, UMW Toyota Motor Sdn Bhd from 2007 to 2009
  • Executive Director of Strategic Planning Group, UMW Toyota Motor Sdn Bhd in 2006
  • Executive Director, Sales Group of UMW Toyota Motor Sdn Bhd from 2004 to 2005
  • Director, Human Capital Group of UMW Toyota Motor Sdn Bhd from 2001 to 2003
  • General Manager, HR and Administration of UMW Toyota Motor Sdn Bhd from 1996 to 2001
  • Manager, Property and Facilities of UMW Toyota Motor Sdn Bhd from 1992 to 1996
  • Property and Purchasing Manager of Utusan Melayu (M) Sdn Bhd in 1992
  • Property and Maintenance Manager of Techart Sdn Bhd from 1985 to 1991
  • Project Engineer of Techart Sdn Bhd from 1983 to 1985
  • Board of Director Universiti Teknologi Mara (UiTM)
  • Board of Director Universiti Teknologi Mara Holding (UiTMH)
  • Board of Director Universiti Malaysia Pahang (UMP)

Membership of Board Committees in MBMR:

  • Nominating and Remuneration Committee (Chairman)
  • Audit Committee (Member)
  • Group Transformation Committee* (Chairman)

*Dissolved on 27 January 2022

Date Appointed to the Board

  • 29 May 2019

Mr. Low Hin Choong was appointed to the Board on 18 May 2001. He is currently the Chairman of the Long Term Incentive Plan Committee and a member of the Risk Management and Sustainability Committee.

He holds a Bachelor of Science (Honours) Degree in Business Administration and Computer Science from Queen’s University Belfast, United Kingdom.

Mr. Low has over 30 years of experience in the IT industry. He is the founding director of his own successful software applications company. Mr. Low has since retired but remains as a director and advisor to the company.

Mr. Low is presently a Director of Perusahaan Otomobil Kedua Sdn Bhd and an alternate Director at Med-Bumikar MARA Sdn Bhd. He also holds directorships in Reliance Business Solutions Sdn Bhd, Rosen Sdn Bhd, RBS Technology Sdn Bhd and CathRx Ltd, an Australian-based medical device company.

His current directorships in other companies within the MBMR Group include Hirotako Holdings Berhad, Hirotako Acoustics Sdn Bhd, Autoliv Hirotako Sdn Bhd, Federal Auto Holdings Berhad, Oriental Metal Industries (M) Sdn Bhd, Daihatsu Malaysia Sdn Bhd and MBMR Properties Sdn Bhd.

Mr. Ng Seng Kong has been on the Board since 1 October 2015. He is currently a member of the Audit Committee.

Mr. Ng is a Fellow Member of the Association of Chartered Certified Accountants, United Kingdom and a Fellow Member of the Chartered Institute of Management Accountants, United Kingdom. He is also a member of Chartered Global Management Accountant.

Mr. Ng started his career as an auditor at a chartered accounting firm in London from 1975 to 1979. Upon returning to Malaysia, he joined MKS Sdn Bhd as a Financial Controller from 1980 to 1981. Presently, Mr. Ng serves as Managing Director of UMS Holdings Berhad and UMS Corporation Sdn Bhd.

Mr. Ng also currently holds directorships in several companies within the MBMR Group namely, Hirotako Holdings Berhad, Hirotako Acoustics Sdn Bhd, Autoliv Hirotako Sdn Bhd, Federal Auto Holdings Berhad, Oriental Metal Industries (M) Sdn Bhd, MBMR Properties Sdn Bhd, Teck See Plastic Sdn Bhd, Hino Motors Sales (Malaysia) Sdn Bhd and Hino Motors Manufacturing (Malaysia) Sdn Bhd. He is also a Director on the Board of Med-Bumikar MARA Sdn Bhd.


  • Master of Arts, International Studies, Ohio University, United States of America
  • Bachelor of Economics (Hons), University of Malaya, Malaysia

Working Experience / Other Directorships


  • Chairman of Zelan Berhad


  • Director of CIMB Principal Asset Management Berhad
  • Chairman of Faber Group Berhad from 2001 to 2008
  • Various management positions in Khazanah Nasional Berhad from 1994 to 2004 including Managing Director position.
  • Special Assistant to the Secretary General of Ministry of Finance from 1993 to 1994
  • Principal Assistant Secretary in the Finance Division, Federal Treasury under Ministry of Finance from 1991 to 1993
  • Deputy Director of Petroleum Development Division under Prime Minister’s Department from 1986 to 1991
  • Principal Assistant Secretary in Foreign Investment Division, Economic Planning Unit under Prime Minister’s Department from 1982 to 1984
  • Attachment with Investment Division of the Malaysian Tobacco Company Berhad under the British Malaysia Industry & Trade Association training scheme from 1984 to 1985
  • Principal Assistant Secretary in Economic & International Division, Federal Treasury under Ministry of Finance from 1980 to 1981
  • Principal Assistant Secretary in Budget Division, Federal Treasury under Ministry of Finance from 1978 to 1980
  • Assistant Director in Industries Division under Ministry of International Trade & Industry from 1973 to 1978

Membership of Board Committees in MBMR:

  • Nominating and Remuneration Committee (Member)
  • Audit Committee (Chairman)
  • Long Term Incentive Plan Committee (Member)
  • Risk Management and Sustainability Committee (Member)

Date Appointed to the Board

  • 16 January 2018


  • Fellow Member of the Institute of Chartered Accountants in England and Wales
  • Member of the Malaysian Institute of Accountants
  • Bachelor degree in Accountancy

Working Experience / Other Directorships


  • Chief Executive Officer of Berjaya Capital Berhad
  • Non-Independent Non- Executive Director of 7-Eleven Malaysia Holdings Berhad
  • Audit Committee Member of Razak School of Government


  • Acting Chief Executive Officer and Chief Financial Officer of MARA Corporation Sdn Bhd from 2016 to 2019
  • Chief Operating and Financial Officer of Unitar Capital Sdn Bhd from 2012 to 2016
  • Advisor of ECS Solutions Sdn Bhd from 2011 to 2012
  • Audit and Assurance Director of Ernst & Young from 2008 to 2011
  • Manager under Banking and Capital Market Group of Ernst & Young LLP, London from 2003 to 2008
  • Internal Auditor of Habib Bank AG Zurich from 2002 to 2003
  • Senior Auditor of John Cumming Ross, Ltd in 2001
  • Senior Auditor of Andersen & Co, Malaysia (formerly known as Arthur Andersen & Co) from 1998 to 2001

Membership of Board Committees in MBMR:

  • Audit and Risk Management Committee (Member)
  • Group Transformation Committee* (Member)

*Dissolved on 27 January 2022

Date Appointed to the Board

  • 28 January 2019

Ms. Wong Fay Lee was appointed to the Board as a Non-Executive Director on 29 May 2019. She is currently the Chairman of the Risk Management and Sustainability Committee and a member of the Nominating and Remuneration Committee.

Ms. Wong graduated from the University of Sydney with a Bachelor’s Degree in Law. She also holds a Graduate Diploma in Applied Finance and Investments from Securities Institute Australia.

She started her career in 1987 as a corporate finance lawyer with Mallesons Stephen Jaques in Sydney, Australia and later as a Senior Associate in Mallesons’ South East Asian practice. She then joined the Malaysian Securities Commission as Manager of Product Development from 1993 to 1995.

Her past leadership positions include serving as Chief Executive Officer at Malaysian Derivatives Clearing House Bhd (now known as Bursa Malaysia Derivatives Berhad) from 1995 to 2000, Adviser to the Clearing Division of Hong Kong Exchanges and Clearing Limited from 2001 to 2002 and she was also an Independent Director at KFH Asset Management Sdn Bhd from 2002 to 2010.

Ms Wong was previously appointed as an Executive Director in MBMR from 2014 to 2017 while concurrently serving as MBMR’s Head of Governance, Legal Risk & Compliance between 2011 until 2018. She was also appointed as Managing Director of Federal Auto Holdings Berhad from 2016 to 2017.

She is currently the Chairman of Federal Auto Holdings Berhad and a Director at Daihatsu (Malaysia) Sdn Bhd, Med-Bumikar MARA Sdn Bhd, and Astute Fund Management Berhad (formerly Apex Investment Services Berhad).


  • Bachelor of Economic, International Islamic University Malaysia
  • London Chamber of Commerce & Industry (LCCI) Higher – Business Statistics
  • Six Sigma – Champion Training, Motorola University

Working Experience / Other Directorships


  • Group Chief Executive Officer
  • Director of Daihatsu (Malaysia) Sdn Bhd
  • Director of Federal Auto Holdings Berhad
  • Director of Autoliv Hirotako Sdn Bhd
  • Director of Teck See Plastic Sdn Bhd
  • Director of MBMR Properties Sdn Bhd
  • Director of Oriental Metal Industries (M) Sdn Bhd
  • Director of Hirotako Acoustics Sdn Bhd
  • Director of Perusahaan Otomobil Kedua Sdn Bhd


  • Head, Automotive Distribution Division, Hicom Holdings Berhad (HHB) – Holding
    company of listed DRB-Hicom Berhad
  • Director, Mitsubishi Motors Malaysia (MMM)
  • Director, Isuzu Motors Sdn Bhd (IMSB)
  • Director, Edaran Otomobil Nasional (EON)
  • Director, EON Auto Mart Sdn Bhd
  • Director, Euromobil Sdn Bhd
  • Director, Hicom Auto Sdn Bhd
  • Director, AVIS Malaysia
  • Director, ACM
  • Director, DRB-Hicom Commercial Vehicles Sdn Bhd (DHCV)
  • Director, DRB-Hicom Auto Solution Sdn Bhd
  • Senior General Manager – Sales & Marketing Division, Perodua Sales Sdn Bhd
  • General Manager – Sales Division, Perodua Sales Sdn Bhd
  • Deputy General Manager – Sales Operations, Perodua Sales Sdn Bhd
  • Senior Manager – Sales Planning Department, Perodua Sales Sdn Bhd
  • Senior Manager – Distribution Department, Perodua Sales Sdn Bhd
  • Coordinator, MD’s Office, Perodua Sales Sdn Bhd
  • Manager – Market Planning, UMW Toyota Motor Sdn Bhd
  • Marketing Manager, UMW Engineering Sdn Bhd
  • Strategic Planning & Business Development Manager, UMW Auto Parts Sdn Bhd
  • Marketing Administration Executive, UMW Heavy Equipment Group
  • Corporate Planning & Project Executive, UMW Corporation Sdn Bhd
  • Economic Analyst, Federation of Malaysia Manufacturers (FMM)

Date Appointed to MBMR

  • 8th February 2021


  • Bachelor of Science in Accounting (Honours), Oklahoma State University, United States of America.
  • Member of Malaysian Institute of Accountants (MIA)

Working Experience / Other Directorships


  • Group Chief Financial Officer of MBM Resources Berhad


  • Group Financial Controller of MBM Resources Berhad
  • Director of Daihatsu (Malaysia) Sdn Bhd
  • Director of Federal Auto Holdings Berhad
  • Director of Autoliv Hirotako Sdn Bhd
  • Director of Teck See Plastic Sdn Bhd
  • Acting President & CEO of MBM Resources Berhad
  • Partner of Annbren Management & Consultancy Services
  • Group Financial Controller of Scomi Group Berhad
  • Regional Finance Controller of Scomi Group Berhad, Oilfield services
  • Audit Manager of Ernst & Young

Date Appointed to MBMR

  • 1st November 2016


  • B. A. (Hons) Accounting and Financial Studies, University of Exter, UK
  • Certified Training Professional, ARTDO-ITD International
  • Member, Society for Human Resource Management
  • Member, International Coaching Federation

Working Experience / Other Directorships


  • Director, Group Corporate Services


  • Director, Transformation Office of MBMR Resources Berhad
  • Board of Trustees of Kelab Belia Kalsom (The Kalsom Movement)
  • Director/Head, Group Human Capital of MARA Corporation Sdn Bhd
  • Executive Director, UNITAR International Academy Sdn Bhd
  • Director, Vice Chancellor’s Office of UNITAR International University
  • Head of Collaboration of Arise Asia Sdn Bhd
  • Vice President, Strategic Human Capital Management of Khazanah National Berhad
  • Consultant of Mercer Human Capital Consulting

Date Appointed to MBMR

  • 4th February 2020


2022 was a highly successful year for MBMR with recordbreaking revenue and profits. As we celebrate the Groupwide achievements, we are also proud that the exceptional performance was achieved on the back of progress made in our sustainability strategies and objectives in the year.

Key environmental achievements in 2022 involved the increase in our Group-wide reduce, reuse and recycle initiatives from the preceding year. These initiatives included the installation of solar panels in our manufacturing plants and continued Group-wide upgrades from conventional to LED lighting. We also reduced the Group’s water and electricity intensity consumption even with the resumption of normal operating hours and a substantial increase in our manufacturing numbers.

Waste management saw an improvement along with the expansion of our recycling initiatives. In our manufacturing companies, the continued maintenance of the ISO 14001 environmental management system accreditation provides the assurance to our stakeholders that our operations comply with environmental regulations while also generating cost-savings through more efficient use of resources and waste management.

On the social front, we strongly believe that our investment in people is a key driver of commercial success throughout the Group, underpinned by employee engagement and a firmly integrated culture of employee appreciation, development, diversity and inclusion. From providing a safe working environment, encouraging diversity and inclusion at all levels to remuneration and benefits benchmarking and ensuring that our employees are rewarded for their respective contributions, have access to training and career development opportunities, we will continue to attract and retain the best talent.

The talent development programmes for the upskilling of our employees were undertaken with this belief in mind. We have also expanded the talent development to the communities, most notably our pledge towards the establishment of MBMR’s Scholarship Programme to support the younger generation to gain access to quality education, details of which will be announced in due course.

Additionally, our social sustainability initiatives, which included wellness programmes and our CSR activities throughout the year have helped us in being recognised as a better employer engaged in more responsible business practices. The employee and customer satisfaction surveys conducted have achieved an encouraging score, an indication that our sustainability and business strategieshavehadapositiveeffectonour stakeholders. As we expand our efforts in the respective overarching pillars, it is our hope that the satisfaction scores would increase further.

Concurrently, digitalisation initiatives have also enabled us to build closer relationships with our dealers and customers in our motor trading companies, contributing to better overall sales and service figures. In our manufacturing companies, improved monitoring and adoption of automation has improved the operational efficiencies in our manufacturing plants.

As the Group widens the adoption of digitalisation initiatives, the ongoing deployment of our Data Protection and Cyber Security programmes under the Governance pillar have improved the Group’s Cyber Security infrastructure and awareness.

Our efforts to improve our Group’s businesses are supported by a robust governance, risk management and internal control framework and practices. We aim to instil the highest standards of integrity, honesty, and transparency within the Group. Other significant initiatives under the Governance pillar involve the implementation of fundamental Group-wide policies with the aim of improving overall governance within the Group. This includes the adoption of a new Group Enterprise Risk Management Policy and Framework to ensure effective identification, assessment and management of the Group’s risks in a holistic manner towards achieving the Group’s business objectives.

We see environmental, social, economic and governance priorities as an important part of our mission to be the automotive partner of choice to our stakeholders. Through our ongoing investments in knowledge development and management, operational excellence, innovative technology adoption and digitalisation, we continue to drive our businesses to directly address these pillars to help in ensuring the sustainability of our planet. We do not see an alternative. Therefore, we believe continuous improvements in the material sustainability matters that we have identified are aligned with delivering sustainable returns to our shareholders. Having embarked on our transformation journey since 2019 and with our commitment to continue on that course, we aim to deliver additional and continuous improvements.

Moving forward, existing initiatives undertaken by the Group under all four pillars of sustainability will be further refined and expanded. The Group will also seek to further improve disclosures in line with recent enhanced sustainability reporting requirements.

Encik Aqil bin Ahmad Azizuddin